This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams.

In this episode you will learn:

- The bonus depreciation rate for 2024 is 60%, and it decreases by 20% each year until it reaches zero in 2027.

- Used property now qualifies for bonus depreciation, a significant change from pre-TCJA rules and a common exam trap.

- The election to opt out of bonus depreciation must be made for an entire asset class, not on an asset-by-asset basis.

- Bonus depreciation is claimed on Form 4562, Depreciation and Amortization.

- Certain long-production-period property benefits from a one-year delay in the phase-down schedule.

For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep